How to Protect Your Business Ideas

Starting a Business?

Entrepreneurs are often worried about copycats ripping off their business ideas and so shy away from talking to investors, potential customers and industry professionals who could help bring them to market. How can you share your ideas but protect your intellectual property? Serial entrepreneur Jen Groover suggests creating a nondisclosure agreement and requiring those you meet with to sign it before revealing your product or service ideas. What's more, you can also trademark your concepts. Getting feedback on your business ideas is important for launching a successful business, so don't let fear of copycats hold you back.

Creating a MAP will take no more than an hour of your time every month and will keep the lines of communication open, ensuring relationships with investors remain strong, and ultimately helping early-stage startups succeed.